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Palo Alto Networks shares are trading lower Thursday after the security software company completed an offering of 4.8 million shares of common stock on behalf of stockholders at $63 a share. The company will not get any proceeds from the offering.

The company's two largest investors - Greylock Partners and Sequoia Capital - had not sold any shares in the IPO, and they aren't selling this time, either. But a long list of insiders took part in the secondary offering. The biggest sellers include Globespan Capital, which is selling 1.5 million shares; Tenaya Capital, which is selling 566,201 shares, and CTO Nir Zuk, who is selling 200,000 shares. Former CEO David Stevens is selling 198,461 shares; VP-Engineering Rajiv Batra is selling 185,500 shares.